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Buying A Home That’s Not For Sale

July 7, 2022 by James Scott

Buying A Home That’s Not For SaleYou’re ready to purchase a home, but you’ve looked at everything on the market and can’t find the perfect place. You’ve researched the school districts, neighborhoods and nearby amenities, and you know exactly in which area you want to live.

However, anything that comes on the market in that part of town gets snapped up immediately.

It’s time to get creative when it comes to buying a home. Start looking at places that are not currently for sale. You might have driven past your dream home, but you never thought of going the unconventional buying route.

Well, take a look at the tips below to see how you can close on a home without any other buyers knowing.

Look At Previously Listed Homes

Search homes that were on the market, but the owners took them off. Many homeowners let their listing expire and are waiting until the market improves. This is fortunate for you, because you know they are already interested in selling.

Research Online County Records

If you see your perfect home, but you don’t want to just walk up to the door and demand they sell their house, you can find their contact information online. Property records include the owners’ name, address, and, sometimes, their contact information. This will allow you to go through the proper channels of proposing an offer.

Consider A Real Estate Agent

A seller is more likely to take you seriously if a real estate agent brings the offer to them. Agents deal with sellers all the time and will be able to gage if the homeowners are interested.

They’ll also be able to tell you the right price to offer and how you should go about it. You’ll also have piece of mind that all the paperwork that comes with buying a home is completed correctly.

Write A Personal Letter

While all the guidelines say to keep personal feelings out of the home selling process, it’s practically impossible. A home is the place where you raise your children and make memories.

So write the homeowners a heartfelt letter about how you’d like to build a life in their current house. If they think you’ll care for their place as much as they do, they might entertain an offer.

Offer A Fair Price

Many homeowners are ready to upgrade, but hate the idea of getting their current residence ready to sell. They’d have to clean, clear clutter, stage and keep everything looking spotless until they close the deal — which can be quite a hassle.

So, make it convenient. Offer a price that won’t offend and will have them thinking how this could be a stress-free transition.

Filed Under: Homebuyer Tips Tagged With: Homebuyer Tips, Housing Market, Real Estate Tips

Maximize Your Investment: When To Sell Your House

July 6, 2022 by James Scott

Maximize Your Investment: When To Sell Your HouseYour house is an investment, and it is important for you to treat it as such. Therefore, when is the best time to sell your house? You need to figure out how you can get the most money for your home while also lining up the sale of your house with the timeline of your life. What do you need to know?

Sell Your Home When The Market Is Hot

First, you should sell your home when the market is hot. This means that there are more people looking for houses than there are houses on the market. This is basic supply and demand. If there is a lot of demand for houses, but there are not a lot of houses for sale, you should be able to get more money for your house. Typically, there are more buyers interested in purchasing a house when mortgage rates drop. Keep an eye on mortgage rates to figure out when to sell your home.

Sell Your Home When You Need The Money

You should also consider selling your house when you need the money. This means that if you have a major life event, you might need to tap into your source of reserves. For example, if there is a major medical bill, a death in the family, the arrival of a new baby, or a major move coming up, you should consider selling your house. That way, you have cash on hand to cover these expenses. 

Sell Your Home When You Have Other Sources Of Passive Income

Finally, if you feel like you have other sources of passive income, you may want to free up some cash by selling your house. Other ways you might generate passive income include stock dividends or the sale of a business. If you think you have enough other sources of passive income, it might be time for you to sell your investment property. 

Time The Sale Right To Maximize The Return On Your Investment

These are a few of the most important factors you should keep in mind if you are thinking about selling an investment property. Consider working with a professional who can help you maximize the return on your real estate investment. 

 

Filed Under: Real Estate Tagged With: Home Prices, Housing Market, Real Estate

What’s Ahead For Mortgage Rates This Week – July 5, 2022

July 5, 2022 by James Scott

What's Ahead For Mortgage Rates This Week - July 5, 2022Last week’s scheduled economic news included reports on home prices, pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.

S&P Case-Shiller: National Home Price Growth Ticks Down in April

Home price growth slowed in April according to the S&P Case-Shiller National Home Price Index as growth slowed by 0.20 percent to a 20.40 percent gain year-over-year. Slower growth in home prices suggested that affordability concerns have caught up with the rapid home price growth seen during the pandemic.

The S&P Case-Shiller 20-City Home Price Index reported that Tampa, Florida home prices gained 35.8 percent year over year in April followed by a 33.3 percent price gain in Miami, Florida. Home prices in Phoenix, Arizona grew by 31.3 percent year-over-year.

Pending home sales rose by 0.70 percent in May as compared to April’s reading of -0.40 percent.  Analysts expected pending home sales to fall by 0.40 percent in May.

Fixed Mortgage Rates, Jobless Claims Fall

Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by 11 basis points to 5.70 percent. Rates for 15-year fixed rate mortgages averaged 4.83 percent and were nine basis points lower than in the prior week. The average rate for 5/1 adjustable rate mortgages rose by nine basis points to 4.50 percent. Discount points averaged 0.90 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. 

New jobless claims fell to 231,000 claims filed last week as compared to 233,000 initial claims filed in the prior week. Continuing jobless claims were unchanged with 1.33 million ongoing claims filed last week.

In other news, the federal government reported that the Consumer Price Index rose by 8.60 percent year-over-year in May. This was the highest reading since 1981. Rising inflation was largely caused by rising food and fuel prices. The month-to-month reading for the Consumer Price index rose to 0.60 percent in May as compared to April’s month-to-month reading of 0.20 percent growth. Analysts said that the economy is slowing due to rising consumer prices and interest rates; the  Federal Reserve recently rose its key interest rate range to 0.75 to 1.00 percent to ease rapidly rising inflation.

What’s Ahead

This week’s scheduled economic reports include labor sector data on job growth, the national unemployment rate, and job openings. Weekly readings on mortgage rates and jobless claims will also be released.

Filed Under: Financial Reports Tagged With: Case-Shiller, Financial Report, Mortgage Rates

Case-Shiller: Home Price Growth Slows in April

July 1, 2022 by James Scott

Case-Shiller: Home Price Growth Slows in April

U.S. home price growth continued but slowed in April according to the S&P Case-Shiller Home Price Indices. The national home price index posted year-over-year home price growth of 20.4 percent in April as compared to the corresponding home price growth rate of 20.6 percent in March. Analysts said that diminishing affordability was slowing rapid gains in home prices seen during the pandemic.

20-City Home Price Index: Florida and Arizona Report Top Home Price Growth Rates

The top three cities for year-over-year home price growth in April’s 20-City Home Price Index were Tampa, Florida with a reading of 35.8 percent; Miami, Florida reported 33.3 percent growth and Phoenix, Arizona reported a year-over-year home price growth rate of 31.3 percent.

Nine of the 20 cities included in the index reported higher price gains in April as compared to March. All 20 cities reported higher home prices in April than in March. While analysts noted the slower pace of home price growth, they cautioned against expecting falling home prices any time soon. Craig J. Lazzara, managing director of S&P Dow Jones Indices said that April’s increase in home prices ranked in the top 20 percent of historical experience for every city, and in the top 10 percent for 19 of the cities included in the 20-City Home Price Index.

FHFA House Price Index: Home Prices Rise in April

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, reported a year-over-year home price growth rate of 18.8 percent for single-family homes owned or financed by Fannie Mae or Freddie Mac. Home prices of homes owned or financed by Fannie Mae and Freddie Mac rose at a month-to-month pace of 1.6 percent in April.

The FHFA Home Price Index reports on home prices across the nine Census divisions; month-to-month home price growth ranged from 0.3 percent in the East South-Central division to 14.1 percent in the Mid-Atlantic division to 23.5 percent in the South Atlantic division. The FHFA Home Price Index is based on single-family home sales data from more than 400 cities in all 50 states. 

Filed Under: Financial Reports Tagged With: Case-Shiller, Financial Report, Housing Market

DIY Home Upgrades: 5 Reasons Why Hardwood Flooring Should Be on Your Renovation List

June 30, 2022 by James Scott

DIY Home Upgrades: 5 Reasons Why Hardwood Flooring Should Be on Your Reno ListWhether you’re planning on selling your home soon or you want to do a few minor renovations for your own enjoyment, an ailing hardwood floor may be on your list of things to tackle. While this can be a more difficult renovation to complete than many other household items, here are five reasons you may want to move it to the top of the list.

An Issue with Structure

If there happens to be any glaring structural issues with your hardwood, a complete do-over will be a necessity if you want to sell your house in the future. While this will likely involve fixing the sub-floor under your hardwood, this will dramatically improve the overall health of your home.

Experiencing a Lot of Movement?

A lot of movement in your hardwood floor can be a sign that it’s time for a fix up. If you’re already planning on refinishing your floor for an instantly improved look, this fix-up will need to happen before you can take that necessary next step!

Worn-Out or Over-Sanded Wood

Whether your boards are worn down in spots from excessive use or sanding, this is an issue that will instantly age the look of your living space. If you’re noticing the boards coming apart at the ends or nails jutting out, it’s definitely time for an overhaul.

Upping a Home’s Market Value

There may be a few things a homebuyer will be willing to fix in a new home, but flooring is unlikely to be something they will want to replace right off the bat. By upgrading this before it’s an issue, you can easily make your home a lot more attractive to potential buyers and increase the value of your home.

It’s an Instant Facelift

There are few things that will be as apparent as the look of the floor when entering a room, so having dull, scratched hardwood will instantly downgrade the appearance of your living space. If more than expected wear and tear has occurred, an updated floor can completely shift the look of your place!

If you’re planning on improving your home and tackling a home renovation soon and are not sure where to begin, you may want to assess the quality of life left in your flooring. As this will have a marked impact on the way your home appears, fixing your floors can help to improve the market value of your home. If you’re wondering about other renovation upgrades consider contacting your local mortgage professional for more information about a home refinance loan and what will add the most value for your investment.

Filed Under: Around The Home Tagged With: Around the Home, Homeowner Tips, Upgrades and Renovations

The Majority Of Millennials Plan On Buying A House In The Next Few Years

June 29, 2022 by James Scott

The Majority Of Millennials Plan On Buying A House In The Next Few YearsDuring the past year, the housing market has been on fire. There are not a lot of houses for sale, many people are interested in moving, and there is a rising demand from the people who put off moving during the coronavirus pandemic. Furthermore, Millennial demand is picking up, which will only make the housing market even hotter. Recently, a survey found that approximately two-thirds of people who qualify for Generation Y are thinking about buying a home in the near future. Many of them have improving financial circumstances, and they are looking for a way to build wealth and settle down. 

A Majority Of Millennials Are Now Homeowners

Millennials make up approximately 43 percent of all new home purchases so far this year, which is up from 37 percent in 2021. In addition, Millennials represent approximately 20 percent of the United States population, and they represent the fastest-growing segment of homebuyers in the country. Furthermore, approximately 53 percent of all Millennials now own their own home. Many Millennials have become homeowners by purchasing homes that require updating. As a result, many Millennials are spending money renovating and upgrading their homes.

Has The Housing Market Hit Its Peak?

Even though a lot of Millennials have become homeowners, there are many who are still struggling to afford the cost of a house. With rising mortgage interest rates and home prices, it will only become more difficult for them to do so in the future. Some people are wondering if the housing market has peaked. If a price correction takes place, it could make it easier for Millennials who have not yet purchased a house to do so. Even though it is impossible to predict the future, some financial experts believe that the housing market is headed for a correction.

More Homes Are Needed

One of the reasons why housing prices are so high is that there are not a lot of new houses being built. A shortage of labor and materials has made it difficult for construction companies to keep up with demand. If construction companies are able to start building more houses, it could increase the supply of homes on the market, reducing prices overall.

 

Filed Under: Real Estate Tagged With: Home Ownership, Millennials, Real Estate

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